Report
Niklas Wetterling
EUR 95.03 For Business Accounts Only

Balder (Buy, TP: SEK92.00) - Up to BUY on strong 2025e growth

We have upgraded to BUY (HOLD) on: 1) 2025e FFOPS growth of 17%; 2) positive trends in SATO with improved vacancies for the past two quarters; and 3) our view of Balder as a sector relative outperformer on the strong credit market and limited exposure to the office segment. We have increased our 2025–2026e FFOPS by 5%, on a 3% Q3 EBIT beat and greater interest rate hedging. We have raised our target price to SEK92 (83), based on a 2025–2026e P/FFO of 16–15x (peers 16.3–15.6x).
Underlying
Fastighets AB Balder Class B

Fastighets AB Balder is a Sweden-based company engaged in the acquisition, development and management of residential and commercial real estate. The Company's real estate portfolio is comprised primarily of residential real estate and is located in such cities, as Stockholm, Gothenburg, Lund, Malmo, Norrkoping, as well as in regions outside metropolitan areas of Sweden and in the Copenhagen region in Denmark. The Company's subsidiaries include Balder Storstad AB, Balder Mellanstad AB, Din Bostad Sverige AB, Egby Vindkraftverk AB and Serena Properties AB.

Provider
DnB Markets
DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Analysts
Niklas Wetterling

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